The Wall Street Journal reported that Coinbase co-founder Fred Ehrsam spent months living in a luxury hotel in Caracas while building local connections as he pursued a long-shot plan to become one of Venezuela’s largest oil producers. Ehrsam, 38, had no prior experience in the oil and gas business, according to the report. He has nonetheless emerged as a potential participant in U.S. President Donald Trump’s push to revive Venezuela’s declining oil sector. Earlier this year, Primavera, a company Ehrsam co-founded, signed a production-sharing contract last week with Venezuela’s state oil giant Petróleos de Venezuela. The report links the crypto billionaire’s latest move to the country’s energy industry rather than the digital asset sector.
According to The Wall Street Journal, Coinbase co-founder Fred Ehrsam spent months living in a luxury hotel in Caracas while building a local network and pursuing a long-shot plan to become one of Venezuela’s largest oil producers.
The report said Ehrsam, 38, previously had no experience in the oil and gas industry. Even so, he has emerged as a potential participant in U.S. President Donald Trump’s effort to revive Venezuela’s declining oil sector.
Earlier this year, Primavera, a company Ehrsam co-founded, signed a production-sharing contract last week with Venezuela’s state oil giant, Petróleos de Venezuela.
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